Mantra, known as the second real-world asset token after Chainlink, nosedived more than 90% over the past 24 hours. Here’s what we know. Source: CoinGecko Just a couple of days ago, Mantra ( OM ) touted a 640% gain in 12 months. At last check, its $6-billion market cap fell to about $485 million. Patrick Mullin, Mantra’s CEO, recently spoke to crypto.news about being a fully compliant, end-to-end ecosystem for RWA tokenization and trading. The company, fresh from securing a VASP license from Dubai’s VARA, had plans to legally operate as a virtual asset exchange. Its unclear whether the recent downtrend will stymie those plans. MANTRA Ecosystem Fund Mantra’s newly launched fund, MEF, has been established to support RWA and DeFi projects globally for over four years. The company, which offers OM-token grants and capital investments, remained focused on lending/borrowing, trading, asset management, derivatives, and infrastructure. Mantra also inked a $1-billion tokenization deal with DAMAC Group, covering real estate, hospitality, data centers. The company had several initiatives in the works, but the crypto X community was quick to point out several developments that they perceived as problematic. One research analyst known as Choze compared Mantra’s free fall to the May 2022 collapse of the Terra ecosystem. “Welcome to Terra Luna V.2,” Choze tweeted to 20,000-plus followers. “For those wondering, the $OM team dumped their entire allocation,” Choze added. “That’s 90% of the total circulating supply, gone. They also deleted Mantra’s official Telegram group. Just like that, $3.5 billion in market cap vanished.” TrimBot, who describes himself as an RWA bull, blasted Mantra as “pure market manipulation.” Crypto.news attempted to contact a Mantra spokesperson via its website, but was unsuccessful. It was not clear whether the startup’s web page was down or not accepting media inquiries. More on MEF “With the MEF, we’re not just writing checks—we’re building a strategic on-ramp for the next wave of blockchain innovation,” Mullin said in a prepared statement earlier this month. “This fund will serve as a growth engine, giving founders access to capital, infrastructure, and a deep regulatory support network,” he added. The MEF is supported by a global coalition of capital partners, including Laser Digital, Shorooq Partners, Brevan Howard Digital, Valor Capital, Three Point Capital, Amber Group, Manifold, UoB Venture, DAMAC, Fuse, LVNA Capital, and Forte. Crypto.news attempted to reach Three Point Capital but was unable to submit an inquiry. This is a developing story. Stay tuned for more coverage. Read more: Ripple, Hidden Road deal exemplifies crypto’s TradFi takeover: Coin Bureau CEO
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